The police investigating the former CEO of Dongyang Life Insurance for breach of duty have conducted a search and seizure at the Dongyang Life Insurance headquarters.
The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency has been sending investigators to conduct a search and seizure at the Dongyang Life Insurance headquarters office located in Jongno-gu, Seoul, since 8 a.m. on the 20th.
Former CEO Zhou Guodan is suspected of breach of duty in relation to Dongyang Life Insurance's purchase of the usage rights of a tennis court in the Seoul area at a high price in 2022.
The Financial Supervisory Service requested an investigation last year after determining that Dongyang Life Insurance acquired the usage rights of a tennis court in Seoul from a sports facility operator for about 2.6 billion won under unfavorable conditions for the company and has effectively exercised operational rights.
A police official said, "There are also related companies undergoing search and seizure."
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